Although the benchmark indices opened flat, they traded negatively throughout the session and ultimately closed green.
Indian equity benchmarks, Sensex and Nifty50, logged the worst session in four days as HDFC Bank, Larsen & Toubro, and IT stocks weighed. The US President Donald Trump's threat of renewed tariffs weighed on the market sentiment.
At the closing bell, the BSE Sensex closed lower by 1,068 points (down 1.%).
Meanwhile, the NSE Nifty closed 288 points lower (down 1.1%).
Tata Steel, HUL, and Reliance Industries are among the top gainers today.
Tech Mahindra, Infosys, and TCS, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 25,661, higher by 256 points at the time of writing.
The BSE MidCap index ended 0.4% lower, and the BSE SmallCap index ended 0.7% lower.
Sectoral indices are trading mixed today, with stocks in metal sector and the oil & gas sector witnessing buying. Meanwhile, stocks in the IT sector and the realty sector witnessed selling pressure.
The rupee is trading at Rs 90 against the US$.
Gold prices for the latest contract on MCX are trading 1.7% higher at Rs 159,550 per gram.
Meanwhile, silver prices were trading 4.7% higher at 2,65,100 per 1 kg.
Five reasons why Indian share markets are falling:
#1 The Spectre of US tariffs
The US Supreme Court struck down Trump-era tariffs, but the administration plans to push new tariffs using Section 232 of the Trade Expansion Act. Markets are closely watching President Trump's State of the Union address on 24 February for guidance on trade policies.
#2 The US-Iran Saga
Investors remain cautious as protests in Iran continue and the government's crackdown has reportedly killed thousands. The next round of US-Iran nuclear talks is scheduled for 26 February, keeping markets alert
#3 Selloff in IT stocks Continues
IT stocks are under pressure, with the Nifty IT index down nearly 21% in February due to concerns over AI disruptions and high US interest rates. Globally, tech stocks like IBM have also fallen sharply amid uncertainty over AI tools impacting legacy systems.
#4 Crude Oil Prices Rise
Brent crude rose above $72 per barrel, nearing a six-month high ahead of US-Iran nuclear talks. Higher oil prices could increase inflation, strain India's economy, and pressure the rupee.
#5 Stronger Dollar
The US dollar index rose 0.2%, approaching 98, which is generally negative for emerging markets like India. However, foreign investors have started buying Indian equities this month after the India-US trade deal announcement.
Waaree Energies Gains on Green Hydrogen Expansion
In the news from the engineering sector, shares of Waaree Energies came into focus following a order win and strategic collaboration in the green hydrogen space.
According to an exchange filing, the company secured a supply order for its solar modules from a well-known solar power developer and independent power producer.
Its wholly owned subsidiary, Waaree Clean Energy Solutions, signed an Electrolyser-as-a-Service (EAAS) agreement with Zero Footprint Industries for a 2.5 MW alkaline electrolyser to support the company's planned green hydrogen capacity expansion in Uttar Pradesh.
The subsidiary also signed an MoU to supply 50 MW of electrolysers through the EAAS model for multiple small green hydrogen projects across North India. At its Dungri plant in Gujarat, Waaree Clean Energy Solutions will design, build, install, operate, and supply the 2.5 MW electrolyser systems. It will also provide hydrogen and oxygen to Zero Footprint Industries under a 15-year long-term contract.
The project is expected to produce 4.1 million NM³ of green hydrogen and 2 million NM³ of green oxygen annually. This will offer a cost-effective, eco-friendly alternative to grey hydrogen for Zero Footprint's customers in the mentha oil, chemical, steel, and pharmaceutical sectors.
Brahmaputra Infra Surges on Highway Order
Moving on to the news from the infrastructure sector, shares of Brahmaputra Infrastructure after the company informed that its joint venture, MSIL-BIL (JV), has been declared L-1 (lowest bidder) for a Rs 3.97 billion (bn) national highway project awarded by the Ministry of Road Transport and Highways (MoRTH).
Brahmaputra Infrastructure has won a contract to widen the Raipur-Jassakhera section (Km 0.000 to Km 29.770) of NH-458 in Rajasthan to two lanes with paved shoulders. The project, to be executed on an EPC (Engineering, Procurement, and Construction) basis, is scheduled for completion in 30 months.
The work includes widening the highway, building several bridges, and constructing ancillary structures like drains and culverts. The company said this order strengthens its position in national highway EPC projects and expands its presence in highway construction, while also improving its client profile through direct work with MoRTH.
Additionally, the project is a step toward handling larger infrastructure projects and enhances the company's credibility for future government tenders. Working with a joint venture partner will allow Brahmaputra Infrastructure to combine technical and financial resources to manage this large-scale project efficiently.
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